VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Dassault Systemes SE vs Ulta Beauty, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Dassault Systemes SE

DSY · Euronext Paris

Market cap (USD)$32.7B
Gross margin (TTM)81%
Operating margin (TTM)21.4%
Net margin (TTM)18.6%
SectorTechnology
IndustrySoftware - Application
CountryFR
Data as of2025-12-29
Moat score
72/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Dassault Systemes SE's moat claims, evidence, and risks.

View DSY analysis

Ulta Beauty, Inc.

ULTA · NASDAQ

Market cap (USD)$29.9B
Gross margin (TTM)39.2%
Operating margin (TTM)13.2%
Net margin (TTM)9.9%
SectorConsumer
IndustrySpecialty Retail
CountryUS
Data as of2026-01-06
Moat score
58/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Ulta Beauty, Inc.'s moat claims, evidence, and risks.

View ULTA analysis

Comparison highlights

  • Moat score gap: Dassault Systemes SE leads (72 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Dassault Systemes SE has 3 segments (55% in Industrial Innovation); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Dassault Systemes SE has 7 moat types across 4 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Dassault Systemes SE

Industrial Innovation

Market

Enterprise PLM, CAD/CAE, and digital manufacturing software for discrete industries

Geography

Global

Customer

Large enterprises and Tier-1 suppliers

Role

Software platform vendor

Revenue share

55%

Ulta Beauty, Inc.

Beauty Products Retail

Market

U.S. beauty products retail (specialty omnichannel beauty retailer)

Geography

United States

Customer

Consumers (end-users) shopping in-store and online

Role

Specialty retailer / distributor

Revenue share

94%

Side-by-side metrics

Dassault Systemes SE
Ulta Beauty, Inc.
Ticker / Exchange
DSY - Euronext Paris
ULTA - NASDAQ
Market cap (USD)
$32.7B
$29.9B
Gross margin (TTM)
81%
39.2%
Operating margin (TTM)
21.4%
13.2%
Net margin (TTM)
18.6%
9.9%
Sector
Technology
Consumer
Industry
Software - Application
Specialty Retail
HQ country
FR
US
Primary segment
Industrial Innovation
Beauty Products Retail
Market structure
Oligopoly
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
72 / 100
58 / 100
Moat domains
Demand, Network, Supply, Legal
Demand, Supply, Legal, Network, Financial
Last update
2025-12-29
2026-01-06

Moat coverage

Shared moat types

Suite BundlingSwitching Costs General

Dassault Systemes SE strengths

Data Workflow LockinDe Facto StandardDistribution ControlCompliance AdvantageReputation Reviews

Ulta Beauty, Inc. strengths

Physical Network DensityContractual ExclusivityPreferential Input AccessData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Dassault Systemes SE segments

Full profile >

Industrial Innovation

Oligopoly

55%

Mainstream Innovation

Oligopoly

25%

Life Sciences

Oligopoly

20%

Ulta Beauty, Inc. segments

Full profile >

Beauty Products Retail

Competitive

94%

Beauty Services

Competitive

4%

Platform Monetization (Retail Media, Credit Cards, Partner Royalties, Deferred Revenue)

Competitive

2%

Want the full wide moat stocks list?

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.